Question 1

What is Lake Superior Credit Union?

Accepted Answer

Lake Superior Credit Union is a community-focused federal credit union serving the residents of Ontonagon County in Michigan's Upper Peninsula. Established as a member-owned financial cooperative, the credit union provides traditional banking services to a close-knit community in one of Michigan's most rural and scenic regions. With approximately 1,333 members and $10.6 million in assets, Lake Superior Credit Union maintains a strong presence as a local financial institution dedicated to serving the needs of Upper Peninsula residents.

The credit union operates with a mission to ensure liquidity, stability, and growth while serving present and future members in the Ontonagon area.

Question 2

When was Lake Superior Credit Union founded?

Accepted Answer

Lake Superior Credit Union was established in 1959. The credit union was created during a period when many community-based financial cooperatives were forming across rural America to provide accessible banking services to underserved areas.

For over 65 years, the credit union has remained committed to serving the financial needs of the Ontonagon community, adapting to changing economic conditions in the Upper Peninsula while maintaining its cooperative principles.

Question 3

Where is Lake Superior Credit Union headquartered?

Accepted Answer

Lake Superior Credit Union is headquartered in Ontonagon, Michigan. The main office is located at 801 River Street in Ontonagon, with a mailing address at P.O. Box 38, Ontonagon, MI 49953.

Ontonagon is a small community located on the southern shore of Lake Superior in Michigan's Upper Peninsula, known for its natural beauty and outdoor recreation opportunities.

Question 4

Where does Lake Superior Credit Union operate?

Accepted Answer

Lake Superior Credit Union primarily serves Ontonagon County and the surrounding communities in Michigan's western Upper Peninsula. As a community credit union, its field of membership is generally defined by geographic boundaries and community ties.

The credit union serves a rural area characterized by small towns, forestry, tourism, and outdoor recreation industries. Members can access services through the physical branch location in Ontonagon and through online banking platforms.

Question 5

What services does Lake Superior Credit Union offer?

Accepted Answer

Lake Superior Credit Union provides a comprehensive range of financial services including:

Deposit Accounts: Regular share savings accounts (requiring a $5 minimum balance for membership), checking accounts, and other savings products with competitive rates.

Lending Services: Consumer loans, auto loans, student loans, and credit card applications to meet various borrowing needs.

Digital Banking: Online banking through their Internet Teller platform, providing 24/7 account access for members. The credit union emphasizes digital security and fraud protection in its online services.

Member Services: Phone banking support at (906) 884-2069, payment processing services with routing number 291173128, and personalized member service.

All accounts are federally insured by the NCUA, providing members with deposit insurance protection.

Question 6

What makes Lake Superior Credit Union unique?

Accepted Answer

Lake Superior Credit Union stands out for its deep commitment to serving a small, rural community in Michigan's Upper Peninsula. As one of the area's local financial institutions listed in the Michigan Credit Union League's Upper Peninsula Chapter, the credit union plays a vital role in providing accessible financial services to residents in a geographically remote region.

The credit union maintains a low $5 minimum share balance requirement, making membership accessible to community members. With a strong return on average assets of 2.60% and a solid net worth ratio of 13.38%, the credit union demonstrates financial stability while serving its members.

Lake Superior Credit Union emphasizes fraud protection and security, proactively communicating with members about protecting their personal information and never requesting sensitive data via email. This personal touch and attention to member security reflects the credit union's community-focused approach to banking.

Question 7

What type of financial institution is Lake Superior Credit Union?

Accepted Answer

Lake Superior Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). As a federal credit union, it operates under federal regulations and benefits from NCUA insurance coverage, which protects member deposits up to $250,000.

The credit union follows the cooperative structure fundamental to all credit unions, where members are also owners. Each member must maintain a minimum $5 share account, which represents their ownership stake in the institution. This member-owned structure means the credit union operates to benefit its members rather than external shareholders, with any surplus earnings returned to members through competitive rates, low fees, and quality service.

As designated by the NCUA, Lake Superior Credit Union holds low-income designation status, reflecting its commitment to serving an economically diverse community in a rural area of Michigan's Upper Peninsula.

Lake Superior Credit Union

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About Lake Superior Credit Union in the United States